DUBLIN--(BUSINESS WIRE)--The "IoT Security Market - Forecasts from 2020 to 2025" report has been added to ResearchAndMarkets.com's offering.
The Internet of Things (IoT) security market is estimated at US$698.289 million for the year 2019. The growing adoption of connected devices and networks has also increased the concern related to cyber threats.
IoT involves adding internet connectivity to a system of interrelated devices and digital machines. This complex integration and interconnectivity of systems have also led to a rise in the number of cyberattacks on the devices in order to gather confidential data. As such, the demand for IoT security solutions is augmenting worldwide in order to detect, resist, and recover various IoT devices from different malicious attacks. The increase in cyberattacks on IoT devices is accelerating at an unprecedented rate with more than 2.5 billion global events till 2019. Geopolitical motivation is also leading to a rise in the number of cyberattacks across the globe. Cyber attackers are constantly using malware to take control of IoT devices or connected machines and conducting malware activities across industries such as BFSI, retail, and healthcare. Since these industries have critical and confidential data stored, it is crucial to adopt IoT security solutions, thus driving the market growth of IoT security.
High penetration of mobile devices and increasing mobile platforms across the globe is another factor that has boosted the demand for IoT security solutions. Industries such as healthcare and BFSI are providing a variety of applications, services, and functions available on mobile devices to their customers. Most of the confidential data stored on these devices include usernames, credit card details, and passwords which makes it easier for hackers to steal this data. As a result of this increasing dependency on mobile devices, companies are required to implement effective cybersecurity solutions, thus bolstering the IoT security market growth. Rising investments in smart homes have also led to growing concerns regarding privacy and security. Even the American FBI has warned about the hacking and privacy risks that are related to smart TVs.
Governments in various countries are implementing strict regulations regarding the use of IoT security solutions in order to reduce the cases of cyberattacks. One such example is the recently implemented IoT security law in California, United States. However, the legislation is likely to benefit other countries as well which export IoT devices in the U.S. as manufacturers are required to comply with laws in which they sell their products. Thus, stringent regulations will further drive the demand for IoT security solutions and services across the globe, thereby spurring the overall market growth during the forecast period.
North America holds a notable market share
By geography, the Global IoT Security Market in Transportation is segmented as North America, South America, Europe, Middle East and Africa (MEA), and Asia Pacific (APAC). North America accounted for the major market share in 2019 and will remain at its position until the end of the forecast period. The high rate of adoption of advanced technologies including IoT coupled with the presence of major market players in the region significantly contributes to the IoT security market growth in this region.
- Thales Group
- McAfee, LLC
- Cisco Systems, Inc.
- Bell Canada
- Cradlepoint, Inc
- Amazon Web Services, Inc.
- Armis Inc.
Key Topics Covered:
2. Research Methodology
3. Executive Summary
4. Market Dynamics
4.1. Market Drivers
4.2. Market Restraints
4.3. Porters Five Forces Analysis
4.3.1. Bargaining Power of Suppliers
4.3.2. Bargaining Power of Buyers
4.3.3. Threat of New Entrants
4.3.4. Threat of Substitutes
4.3.5. Competitive Rivalry in the Industry
4.4. Industry Value Chain Analysis
5. Global IoT Security Market Analysis, By Type
5.2. Network Security
5.3. Application Security
5.4. Cloud Security
6. Global IoT Security Market Analysis, By Component
7. Global IoT Security Market Analysis, By End-User Industry
7.7. Energy and Power
8. Global IoT Security Market in Transportation Analysis, By Geography
8.2. North America
8.3. South America
8.5. Middle East and Africa
8.6. Asia Pacific
9. Competitive Environment and Analysis
9.1. Major Players and Strategy Analysis
9.2. Emerging Players and Market Lucrativeness
9.3. Mergers, Acquisitions, Agreements, and Collaborations
9.4. Vendor Competitiveness Matrix
10. Company Profiles
For more information about this report visit https://www.researchandmarkets.com/r/lhfkf1